How we are paid for our services
JRI is a licensed Financial Advice Provider under the Financial Markets Conduct Act 2013 (FMC Act). We are committed to transparency and fairness in how we are paid for the insurance advice we provide.
Our remuneration comes from two sources:
- Commission, which is paid by insurers as recognition of the services we provide on their behalf.
- Fees, which help recover a portion of the cost of providing our advice to you.
We explain both below, so you know exactly how we are paid and what to expect.
1. Commission (Remuneration)
General Insurance
When we arrange general insurance cover (such as for your home, vehicle, business), commission is paid to us by the insurer as a percentage of the premium - It is not an extra charge that you pay on top of your premium.
Commission reflects the cost of delivering services that would otherwise be borne by the insurer, including:
- Understanding your needs and providing advice.
- Distributing insurer products to market.
- Maintaining client and policy systems.
- Supporting you through claims.
- Developing product documentation.
You can see the exact commission percentages for each insurer here, but the general ranges are as follows:
The commission information is presented in the following format:
Policy Type: Commission Range
Home, Contents, Vehicle: 0% – 25%
Commercial Insurance: 0% – 25%
Specialist Risks (e.g. Marine, Insolvency): 0% – 25
Life & Health Insurance
For life and health insurance, commission is paid similarly, in that it is a percentage of the premium, but a higher initial commission is paid to reflect the upfront time and expertise required to provide personalised advice and implement long-term cover.
Ongoing commission may also be paid in subsequent years while the policy remains in force, contributing to continued servicing such as claims support.
You can see the exact commission percentages for each insurer here, but the general ranges are as follows.
The commission information is presented in the following format:
Policy Type: First Year Commission, Renewal Commission
Life & Disability: 75% – 230%, 3% – 30%
Medical Insurance: 30% – 120%, 7.5% – 20%
Group Life & Medical: Up to 20%, Up to 20%
2. Fees (Cost recovery)
No fees are charged for Life and Health Insurance services.
JRI charges a broker fee to recover part of the cost of providing financial advice and services for General Insurance. These fees represent a partial direct cost recovery for the services and are only charged when a policy is placed or amended.
We review and benchmark our fees annually to ensure they remain fair, reasonable, and consistent with industry norms.
Standard Broker Fees (General Insurance) are:
New Business: 3% of premium or $50, whichever is greater
Renewal: 3% of premium or $50, whichever is greater
Domestic Endorsements: 3% of premium or $25, whichever is greater
Commercial Endorsements: 3% of premium or $50, whichever is greater
Cancellation (all types): $50
Marine Transit Insurance: 3% of premium or $100, whichever is greater
Mid-term Cancellation Clawback: Pro-rata commission recovery (days insured ÷ 365)
Life & Health Insurance: No fees are charged
Fees are charged per policy, not per client.
We do not charge fees for:
- Claims support (unless separately agreed).
- Advice that does not lead to a policy being placed.
- Life and Health Insurance services.
Other fees & charges
Consultancy-only engagements
In rare cases where you engage JRI solely for expert advice (without placing a policy), a consultancy fee may be agreed upfront. This fee:
- Will reflect the actual cost of providing the advice.
- Will be fully disclosed in advance.
- Will not exceed the cost to provide the service.
Service charge on net premium policies
Some insurers offer policies without commission (“net premium” basis). In these cases, JRI may agree a Service Charge with the client instead of receiving commission.
- The Service Charge is negotiated directly with you and reflects the value of services provided.
- It is not a broker fee under the FMCA.
- The Service Charge will always be disclosed in full, including the amount, purpose, and timing.
- No Service Charge is applied in addition to commission for the same service.
The Service Charge is clearly itemised on your invoice and explained in all relevant documentation.
How we disclose fees and commission
We believe you should always understand how we are paid. That’s why:
- This webpage gives a full explanation of our fees and commission structure.
- When we first discuss the scope of advice, we will provide an estimated fee and commission in writing.
- Before you commit, the final fee will be confirmed in writing.
- On your invoice, all fees and commission rates are clearly itemised and explained.
You can ask for more information about fees or commissions at any time.
Last Reviewed: Monday 14th July, 2025
